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Wily,
You and me both <g>. Learned some very expensive lessons here. I agree with you about ISLD being the only way to successfully play fast-moving stocks. Can't afford to try MM's on SNET and get caught waiting and waiting, or chasing, even worse.
Problem with ISLD, though, (other than getting to ISLD indirectly through SNET) is that you can only buy at the bid or sell at the offer. In a fast stock, often you need to do the exact opposite. For example, in a fast stock that is moving up, virtually no one will sell to you at the bid. And, when you're ready to exit and if you wait just a second too long, no one will buy from you at the offer. Hence, direct ISLD orders won't work. Despite what they like to make us believe, in these situations we really cannot act like a marketmaker and beat the system. To think one can do that is absurd and dangerous. This has been my experience.
Regarding papertrading, that's a whole other thing to discuss. Personally, other than just a little bit to familiarize yourself with your software, I think it's relatively worthless and gives a false feeling of security or accomplishment, very dangerous. Papertrading will never include the emotions of fear and greed, never simulate all the various things that can and will go wrong when trading live. It just makes you think you're better than you really are, imho. Like you said, much better to do a lot of watching, thinking, and trade small shares (100-200) real money until you're consistently successful.
Bill |
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